The average rate on the 30-year fixed-rate mortgage rose to 7.32% in the week ending May 2, marking the highest level since mid-November.
Inflation is the main driver behind the recent rapid increase in mortgage rates.
Progress on inflation has stalled, with core inflation dropping from 4% to 3.8% between October and March.
The Federal Reserve expressed frustration with the lack of progress towards the 2% inflation goal, signaling reluctance to raise interest rates further.
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